Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions Units sold at Retail Units Acquired at Cost 580 units @ $40 per unit 420 units @ $38 per unit 180 units @ $25 per unit Date Activities Jan. 1 Beginning inventory Feb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept. 10 Sales Totals 755 units @ $ 70 per unit 190 units @ $45 per unit 560 units @ $41 per unit 750 units @ $70 per unit 1,505 units 1,930 units Required: 1. Compute cost of goods available for sale and the number of units available for sale. Cost of goods available for sale Number of units available for sale units 2. Compute the number of units in ending inventory. Ending inventory units Perpetual FIFO: Cost of Goods Sold Goods Purchased # of units unit Cost per Cost per Cost per Date # of units sold Cost of Goods Sold Inventory Balance Inventory # of units unit Balance 580 @ $ 40.00 = $ 23,200.00 unit Jan 1 Feb 10 420 @ $ 38.00 580 @ 580 @ $ 40.00 = $ 38.00 $ 23,200.00 22,040.00 $ 45,240.00 Mar 13 180 @ $ 25.00 $ 40.00 = 420 @ 580 @ $ 38.00 $ 16,800.00 22,040.00 4,500.00 $ 43,340.00 180 @ $ 25.00 = Mar 15 @ 245 @ 580 175 $ 40.00 $ 38.00 $ 38.00 = $ 25.00 = @ $ 23,200.00 6,650.00 $ 29,850.00 = 180 @ $ 9,310.00 4,500.00 $ 13,810.00 Aug 21 190 @ $ 45.00 245 @ 1801 @ 190 @ $ 38.00 = $ 25.00 = $ 45.00 = $ 9,310.00 4,500.00 8,550.00 $ 22,360.00 Sept 5 560 @ $ 41.00 - 245 @ 180 @ 190 @ 560 @ $ 38.00 $ 25.00 = $ 45.00 = $ 9,310.00 4,500.00 8,550.00 22,960.00 $ 45,320.00 $ 41.00 = 2001 200001 Mar 13 180 @ $ 25.00 420 @ $ 40.00 = $ 16,800.00 22,040.00 $ 38.00 = 580 @ 180 @ $ 25.00 = 4,500.00 $ 43,340.00 Mar 15 - 580 @ 175 @ $ 40.00 $ 38.00 $ 23,200.00 6,650.00 $ 29,850.00 245] @ 180 @ $38.00 = $ 25.00 = $ 9,310.00 4,500.00 $ 13,810.00 Aug 21 190 @ $ 45.00 245 @ $38.00 = $ 25.00 = 180 @ 190 @ $ 9,310.00 4,500.00 8,550.00 $ 22,360.00 $ 45.00 - Sept 5 560 @ $ 41.00 245 @ 180 @ 190 @ 560 @ $ 38.00 = $ 25.00 = $ 45.00 = $ 41.00 $ 9,310.00 4,500.00 8,550.00 22,960.00 $ 45,320.00 - Sept 10 245 @ = $ 180 @ - $ 38.00 $ 25.00 $ 45.00 $ 41.00 9,310.00 4,500.00 8,550.00 5,535.00 190 @ 135 @ - @ $ 41.00 $ 27,895.00 Totals $ 57,745.00 $ 0.00 Perpetual LIFO: Goods Purchased Cost of Goods Sold Date # of units Cost per unit # of units sold Cost per cost of Goods Sold unit Inventory Balance Cost per Inventory # of units unit Balance 580 @ $ 40.00 = $ 23,200.00 Jan 1 Feb 10 420 @ $ 38.00 580 @ $ 40.00 = $ 23,200.00 420 @ $ 38.00 = 15,960.00 $ 39,160.00 Mar 13 180 @ $ 25.00 $ 40.00 580 @ 420 @ 180 @ $ 38.00 $ 25.00 = $ 23,200.00 15,960.00 4,500.00 $ 43,660.00 Mar 15 180 $ 25.00 = @ $ 40.00 = $ 38.00 - 420 @ 155 @ $ 4,500.00 15,960.00 6,200.00 $ 26,660.00 $ 40.00 = Aug 21 1901 @ $ 45.00 @ $ 40.00 $ 45.00 @ Sept 5 560 @ $ 41.00 @ @ $ 40.00 $ 45.00 $ 41.00 @ Mar 15 180 @ $ 25.00 = @ $ 40.00 = 420 @ = $ 38.00 $ 40.00 $ 4,500.00 15,960.00 6,200.00 $ 26,660.00 155] @ = Aug 21 190 @ $ 45.00 @ $ 40.00 @ $ 45.00 Sept 5 560 @ $ 41.00 @ @ $ 40.00 $ 45.00 $ 41.00 @ Sept 10 190 560 0 Totals $ 0.00 Weighted Average Perpetual: Goods Purchased # of Cost per Date units unit Jan 1 # of units sold Cost of Goods Sold Cost per Cost of Goods Sold unit Inventory Balance Cost per Inventory # of units unit Balance 580 @ $ 40.00 $ 23,200.00 Feb 10 Average Mar 13 Mar 15 Aug 21 Average Sept 5 Sept 10 Totals $ 0.00 Specific Identification Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost per # of units Cost of Goods Available for Sale $ 27,000 # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit unit Ending Inventory 580 $ 40.00 0 $ 40.00 $ 0 Beginning inventory Purchases: Feb 10 420 $ 38.00 16,800 320 $ 38.00 12,160 100 $ 38.00 3,800 180 $ 25.00 0 March 13 Aug 21 Sep 5 $ 25.00 $ 45.00 190 $ 45.00 0 5,400 5,000 23,000 $ 77,200 560 $ 41.00 0 $ 41.00 Total 1,930 320 $ 12,160 100 $ 3,800 4. Compute gross profit earned by the company for each of the four costing methods. (Round your average cost per unit to 2 decimal places.) FIFO LIFO Weighted Average Specific Identification Sales Less: Cost of goods sold Gross profit S 0 $ 0 $ 0 $ 0 5. The company's manager earns a bonus based on a percent of gross profit. Which method of inventory costing produces the highest bonus for the manager? OLIFO FIFO O Weighted Average O Specific Identification